Broadway Technology, LLC, a leader in high-performance trading solutions for top-tier banks and hedge funds, today announced a partnership with Australia’s leading domestic bank for global FX, Westpac Institutional Bank (Westpac), to implement a high-performance trading platform across the bank’s global franchise.
The US-based technology firm said the Westpac deal will open doors in a region that presents significant growth opportunities.
Global flows are set to increase up to five times over the next three years in AUD, NZD, G3 as well as key Asian currencies. Broadway's Chief Executive Officer Tyler Moeller, said, “In such a high volume market, which turns over an excess of US$4 trillion in FX per day, access to high performance technology gives our customers a critical advantage; automation and the use of advanced technology has never before been so critical to reduce complexity and operational risk while dramatically increasing operational efficiency.”
Mr. Moeller added, “As the international pace of currency trading advances, we are leading an industry change in FX technology with a flexible, customizable solution that can be implemented at a fraction of what it costs major banks to build in-house trading systems. We're pleased to be partnering with Westpac, an established leader in FX, to expand on their global trading platform."
Broadway’s FX innovation has spurred new competition within the sell-side in the US and Europe. The technology firm works with some of the largest global banks and hedge funds including Goldman Sachs, which it counts among its strategic investors.
The trading platform gives Westpac’s global FX teams access to deeper liquidity and tighter prices, delivering more efficient execution of trades for customers.
Westpac Managing Director and Global Head of FX Hugh Killen said the deal is part of Westpac's broader technology strategy that strengthens Westpac’s position as the number one Australian bank for FX globally.
“As the clear leader in Australian dollar and New Zealand dollar FX products, Broadway's superior technology helps us provide deeper support for both international and domestic customers as their trading volumes in these currencies increases,” Mr. Killen said.
“Westpac’s technology strategy is based on bringing together best practice in-house design with market leading innovation.”
About Broadway Technology
Broadway Technology was founded in 2003 and is a leader in high-performance financial trading solutions for top-tier global banks and hedge funds. Broadway's software manages hundreds of billions of dollars in transactions daily worldwide for premier financial institutions. The company has employees spread across seven countries with headquarters located in New York and Austin. To learn more about Broadway, visit us at: www.broadwaytechnology.com, or contact us at: email@example.com / tel: 646.912.6450.
Foreign Exchange at Westpac Institutional Bank
Globally, Westpac Institutional Bank (Westpac) has a large Foreign Exchange team coordinated across Sydney, Auckland, London, New York, Singapore, Hong Kong, Beijing, Shanghai and Mumbai.
For the last seven years Euromoney’s FX survey has ranked Westpac No. 1 Australian bank for FX globally .
Other significant world rankings include Bloomberg’s 2013 most-accurate foreign-exchange forecaster, placing Westpac ahead of 32 firms, including many of the largest U.S. and international banks .
In the Australia Peter Lee FX Survey Westpac has placed No. 1 Australian bank for FX Relationship Strength Index (RSI) and the Sales Strength Index (SSI) for 10 years running (2003-2012) for both the total FX market and with corporate clients .
In April 2013, Westpac was one of only two Australian banks to be awarded a FX ‘market maker’ license in China to enable direct trading of AUD/CNY through the China Foreign Exchange Trading System.
Westpac Banking Corporation (Westpac) was founded in 1817 and was the first bank established in Australia. Today, the Westpac Group has branches and controlled entities throughout Australia, New Zealand and the near Pacific region and maintains offices in key financial centres around the world including London, New York, Hong Kong, Beijing, Shanghai, Singapore and India. Westpac Group employs approximately 36,000 people and has three key customer facing divisions through which it serves around 12 million customers.
About Westpac International Bank
Westpac Institutional Bank (WIB) delivers a broad range of financial services to commercial, corporate, institutional and government customers with connections to Australia and New Zealand.
WIB operates through dedicated industry relationship and specialist product teams with expert knowledge in transactional banking, financial and debt capital markets, specialised capital, and alternative investment solutions.
Westpac Institutional Bank is a division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714